Are You Ready to File Your 2022 Tax Returns? by Angie Adames, CPA
Posted on January 31, 2023
by
Angie Adames
January 23rd marked the start of the U.S.’s 2023 tax season and the official date the IRS began accepting and processing individuals’ 2022 tax returns. Following are the critical deadlines and details taxpayers should keep in mind as they gather required documents and work with their CPAs and accountants to meet their federal tax-filing obligations.
March 15, 2023
- the 2022 federal income tax filing deadline for calendar-year partnerships, S corporations, and LLCs taxed as partnerships unless they request an automatic six-month filing extension, which would postpone their filing deadline to September 15, 2023;
- the final day businesses may make an election to be treated as an S corporation for the 2023 tax year
April 18, 2023
- the 2022 federal income tax filing deadline for individuals, C corporations, sole proprietorships, single-member LLCs, and LLCs taxed as corporations unless they qualify for an exemption or request a six-month filing extension, which would postpone their filing deadline to October 16, 2023. Individual taxpayers who request a filing extension must still pay their 2022 federal income tax liabilities by April 18 or face the nonpayment penalties;
- the last day individual taxpayers may make contributions to their IRAs and HSAs and count them as if they occurred in 2022;
- the deadline for individuals to submit their first quarter 2023 estimated tax payment to the IRS;
- the deadline for U.S. taxpayers to file a report of foreign bank and financial accounts (FBAR) reporting their financial interest in or signature authority over foreign bank accounts, securities or other financial accounts with an aggregate value exceeding $10,000 at any time in 2022. Taxpayers needing more time to file may make use of an automatic six-month filing extension.
May 15, 2023
- The 2022 federal income filing deadline for taxpayers residing in cities and states that the president declared as federal disaster areas, which, for 2022 filing purposes, applies to individuals impacted by the severe winter storms in Alabama, California and Georgia.
As always, the IRS recommends taxpayers file their returns electronically and include their direct deposit bank information to expedite the processing of tax refunds, if applicable. If you have not yet contacted an accountant or CPA to help you meet your tax filing and payment obligations, it is critical that you do so sooner rather than later.
About the Author: Angie Adames, CPA, is a director of Tax Services with Berkowitz Pollack Brant Advisors + CPAs, where she provides tax and consulting services to real estate companies, manufacturers and closely held entities. She can be reached at the CPA firm’s Miami office at (305) 379-7000 or via email at info@bpbcpa.com.
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